MUMBAI: Shares of Crompton Greaves Ltd slipped over 7 per cent in early trade on Wednesday to hit their lowest level since 2009 as investors exited the stock on the back of disappointing third quarter results.

At 10:20 a.m.; the stock recouped most of its morning losses and was trading 1.3 per cent lower at Rs 107.05 on the BSE. It touched a high of Rs 107.50 and a record low of Rs 100 in trade today.

The company reported a net loss of Rs 189 crore for the quarter ended December 2012 as compared to a net profit of Rs 77 crore in the same period a year ago. The ET Now poll expected the company to report a net profit of Rs 70 crore.

Its net sales slipped to Rs 2,972 crore, down 1.8 per cent, from Rs 3,028 crore in the corresponding quarter last fiscal and lower than ET Now estimate of Rs 3,215 crore.

"Even adjusting for the restructuring related costs of ~Rs1.2 billion, there was a Rs 683 million loss at the operational level. The performance of international subsidiary was extremely disappointing (-11% Ebitda margin), while standalone-entity also reported a weaker-than-expected performance," the CLSA report said.

According to the report, the company's international subsidiary reported a massive loss.

"Crompton posted its largest quarterly loss in subsidary in 3Q. Despite strong growth in order backlog in last many quarters, revenues fell 13% YoY. Other expenditure rose 83% YoY, leading to a massive Ebitda-level loss of Rs 1.3 billion. This could be on account of liquidated damages on account of execution delays. Both power and industrial businesses witnessed revenue and margin declines," the report added.

Meanwhile, Morgan Stanley in post result note has said the earnings were hit due to weaker-than-expected trends in the international and domestic transmission and distribution business.